World Bank Endorses Tinubu’s Steps To Solve Nigeria’s Economic Problems
The World Bank has endorsed bold steps taken so far by President Bola Tinubu to solve Nigeria’s problems, saying he is determined to do the right things and taking the right steps.
World Bank President, Ajay Bangs, who gave the positive review of the present administration while speaking with newsmen after meeting with President Tinubu at the State House, Abuja, also gave a commitment that the world number one financial institution would be with Nigeria through the process.
According to Banga, President Tinubu is doing everything that Nigeria needs to survive and correct its current situation, adding that without this, Nigeria would constantly be in unsustainable deficits.
His words: “Basically, we had a very constructive discussion, not just with the President, but also a number of his advisers and we talked about what was in his mind as priorities.
“I commended him for a lot of the things he’s doing early in his term, not easy; macro, fiscal reforms, and stability are very important. He’s very determined to do the right thing.
“I think you will find the World Bank supporting everything, not just financial aid, but also with knowledge and thinking around how to create the right regulatory policies and fiscal policies. So we had a very good discussion. It ended very well.
“The fact is, he’s doing things that Nigeria needs to be able to do to correct its situation. If you don’t correct the situation on fuel subsidy, you have a fiscal deficit that remains unsustainable. So he’s trying to do all the right things”.
The World Bank boss further noted that the difficult part is how to pull through the current process for the next few months, even as he encouraged that Nigeria be nurtured to become the African champion, so the rest of the world will see the country as the rallying point for African relations.
“Now the question is, how do you navigate through the next few months, where you can set the economy on the right parts for the future. As I discussed with him, Nigeria has to be an African champion.
“If Nigeria becomes an African champion, then we’ll know that the African continent has a country, the largest country with the largest GDP, is headed in the right direction. That’s his vision and that was the vision we share”.
On what his views on the forecasts about Nigeria’s growth were, Banga said “at this stage when he’s doing so much reform I wouldn’t pay too much credence to any forecast that was made earlier. So I would rely more on where we are going, not a past forecast”.
President Tinubu also on Friday met with the Chairman of Globacom, Chief Mike Adenuga at the State House on Friday.